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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Black Blade9/6/2019 6:35:12 PM
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Italian firm preparing bid for Energy Transfer pipeline stake
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Sep. 6, 2019 6:19 PM ET|

About: Energy Transfer LP (ET)|By: Carl Surran, SA News Editor

Italy's Snam is working on a bid for Energy Transfer's (NYSE: ET) one-third stake in the Rover natural gas pipeline, Reuters reports.

The Italian company, controlled by state lender Cassa Depositi e Prestiti, is carrying out due diligence to buy ET's 33% stake, and the auction process is at an advanced stage, according to the report.

P-E firms Blackstone (NYSE: BX) and Energy & Minerals Group own the remaining 67%.

Snam, Europe's biggest gas pipeline operator which makes most of its money from gas transmission in Italy, is said to be working with J.P. Morgan on the deal.

The 713-mile Rover pipeline can carry 3.25B cf/day from the Marcellus and Utica shale plays in Appalachia to other parts of the U.S. Midwest.
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